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-BOE UK May house purchase approvals 64,526 vs 62,941 April
LONDON (MNI) - Bank of England data showed a rise in mortgage
approvals in May, with the average interest rate on new loans heading
In May there were 64,526 mortgage approvals, up from 62,941 in
April and the highest outturn since January. New borrowing, however,
became more expensive and the interest rates offered on loans were
The BOE Quoted Rates series, which shows 'shop window' interest
rates on mortgages, showed that the average rate on a two year 75%
loan-to-value (LTV) mortgage was 1.74% in May, up from 1.70% in April
and the highest since June 2016.
Similarly, the rate on a 2 year 85% LTV rose to 2.06%, the highest
since May 2016.
Quoted rates are the leading indicator while effective rates on new
mortgages, that is mortgages taken out, rose to 2.11% in May, the
highest since March 2017.
Net consumer credit, a measure of unsecured credit, rose to
stg1.405 billion in May, down from stg1.764 billion in April.
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